Dr. Weiguo Lang reports

ULTRA LITHIUM APPLIES FOR DRILL PERMIT FOR HIGH QUALITY BRINE LITHIUM EXPLORATION TARGETS FROM GEOPHYSICAL SURVEYS AT SALAR LAGUNA VERDE IN ARGENTINA

Ultra Lithium Inc. has applied for a drill permit at its Laguna Verde brine lithium property in Catamarca province, Argentina. This is based on brine targets identified in an interpretation report of the ground geophysical surveys (gravity and time-domain electromagnetic). The report indicates high-value brine lithium exploration targets in a salar core area of 3.4 square kilometres within a potential brine basin of 23 square kilometres with thickness of 100 to 150 metres.

Ultra Lithium's highlights of 23-square-kilometre brine basin:

• The core area of 3.4 square kilometres is the core area with resistivity below three ohms and can be used for brine extraction on a trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometres at 125-metre depth and to 9.44 square kilometres at 225 m depth below surface.
• A potential salar area of 23 sq km is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by high-resistivity layer, which is underlain by aeolian sediments and salt deposits. This interpretation will be confirmed by drilling and sampling.
• Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde salar representing a 2.4-kilometre-thick Cenozoic basin, which requires further research.

Beijing engineering company completes gravity and time-domain electromagnetic surveys

A total of 39.2 line kilometres of ground geophysical survey was completed in eight exploration lines, with azimuth of 137 degrees and 47 degrees from north. Total 312 time-domain electromagnetic points and 430 gravity points were measured at a spacing of 100 metres. As announced in Ultra Lithium's June 25, 2018, news release, the company contracted Beijing Technology and Engineering Co. Ltd., from China to complete gravity and TDEM surveys on its brine properties in Argentina.

Excellent lithium geochemical analyses at salar Laguna Verde Discovery zone

The geophysical surveys were planned and executed to follow up excellent lithium geochemical analyses from the salar Laguna Verde discovery zone. This was detailed in Ultra Lithium's Feb. 21, 2018, news release, where assay results indicated brine samples with metal values up to 1,270 parts per million lithium, 7,920 ppm magnesium, 15,800 ppm potassium and 2,190 ppm boron. Average values of lithium in all samples is 526 ppm, for boron 673 ppm, for magnesium 1,916 ppm, for potassium 7,211 ppm and for sodium 86,081 ppm. The salar Laguna Verde discovery zone brine samples area is marked by low magnesium-to-lithium ratios, in the range of zero to 10.2, which will facilitate lower capital and operating costs.

"The geophysical survey results exceeded our expectations," stated Dr. Weiguo Lang, chief executive officer of Ultra Lithium. "Based on the geophysical survey interpretation, Ultra Lithium has developed a drill plan, which has been submitted to the Catamarca Mining Ministry for permitting and approval."

Ultra Lithium also announces that the survey work on the Amelia brine lithium property has been completed and the results are being interpreted.

Qualified person

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, PGeo, a qualified person, as defined by National Instrument 43-101 who works as vice-president, exploration, of Ultra Lithium.

About Ultra Lithium Inc.

Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The company currently holds five brine lithium properties in Argentina and one hard-rock spodumene-type lithium property at the Georgia Lake area in Northwestern Ontario, Canada.